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Any country's economy thrives where there isinclusive growth. It is thus essential for any economy's success to not just have big businesses thrive but also have small businesses doing well. However, small business owners face serious trust deficit by mainstream banking and financial institutions. Also, the conventional banking model is structurally not designed to reach large number of unbanked entrepreneurs.Havingidentified these shortcomings, Mr.H.P Singh founded Satin Creditcare Network Limited (SCNL), to be the savior for the entrepreneurs stuck at the bottom of the pyramid (economy). The company is aimed at
bringing basic banking tools to the neediest.Known to be the pioneer in terms of microfinance institutions; SCNL provides easy and affordable loans to budding entrepreneurs.The company was established in
the year 1990 with its vision to make the dreams of others come true has come a long way and today reaches out to 18,264 villages with 248 branches with 9,12,297 Loan clients all over India."At SCNL we provide income generation loans to our clients who are at the bottom of the pyramid, economically active and who can potentially take of their economic activities when credit input is provided," says Jugal Kataria, Chief Financial Officer -SCNL.
The company provides affordable financing to low-income individuals to encourage business expansion, greater profitability and increased employment in local communities.Thus, by providing loans for creatingnew businesses or growing existing
ones, SCNL makes clients financially independent by creating abundance of economic opportunities for the financial empowerment for its clients.
With the addition of the rural microfinance operation SCNL has greatly increased its efforts to carry out its mission of women empowerment by keeping the
tradition and cultural values.
"Since more than 90% of our clients are women, we promote empowerment of women by involving them in economic decision making in their
respective households. Our clients confirm that there is increased self esteem because the only women member can access micro loans
from us," says Mr. Kataria.
The company has come a long way since its inception. Founded in 1990 the company was initially a private limited company and
registered with the RBI as a deposit taking
NBFC. After a few years in the industry, SCNL moved its focus from helping urban traders to reach a large number of unbanked people
at the bottom of the pyramid who
required credit as a critical input.
"In 1994, we transformed ourselves into a public limited company and SCNL had its initial public offering in 1996. In 2008, SCNL launched the Joint Liability Group (JLG) based lending by suitably adopting the
Grameen methodology."
The company today has four private equity investors to support its growth and has become the sixth largest player in the Indian microfinance landscape and the largest in North India.Evolution of the company happened when SIDBI recognized SCNL's endeavor as Microfinance in 2004, since then SCNL has increased its outreach over last 7 � 8 years has emerged as the largest MFI in the underserved North India.
Headquartered in Azadpur, New Delhi, the company has spread its wings across 11 states and is increasing its reach by serving a large number of excluded people to meet their productive requirements. Working on exploring options to provide more products to meet the needs of their clients,SCNL is determined to aid budding entrepreneurs to attain success.
Committed to Empower Budding Entrepreneurs
With the addition of the rural microfinance operation SCNL has greatly increased its efforts to carry out its mission of women empowerment by keeping the
tradition and cultural values.
"Since more than 90% of our clients are women, we promote empowerment of women by involving them in economic decision making in their
respective households. Our clients confirm that there is increased self esteem because the only women member can access micro loans
from us," says Mr. Kataria.
The company has come a long way since its inception. Founded in 1990 the company was initially a private limited company and
registered with the RBI as a deposit taking
NBFC. After a few years in the industry, SCNL moved its focus from helping urban traders to reach a large number of unbanked people
at the bottom of the pyramid who
required credit as a critical input.
"In 1994, we transformed ourselves into a public limited company and SCNL had its initial public offering in 1996. In 2008, SCNL launched the Joint Liability Group (JLG) based lending by suitably adopting the
Grameen methodology."
The company today has four private equity investors to support its growth and has become the sixth largest player in the Indian microfinance landscape and the largest in North India.Evolution of the company happened when SIDBI recognized SCNL's endeavor as Microfinance in 2004, since then SCNL has increased its outreach over last 7 � 8 years has emerged as the largest MFI in the underserved North India.
Headquartered in Azadpur, New Delhi, the company has spread its wings across 11 states and is increasing its reach by serving a large number of excluded people to meet their productive requirements. Working on exploring options to provide more products to meet the needs of their clients,SCNL is determined to aid budding entrepreneurs to attain success.